UAE cbank to host IFSB Summit in Abu Dhabi

KUALA LUMPUR/ABU DHABI, May 23, 2017

The Central Bank of the United Arab Emirates (CBUAE) is hosting the IFSB Summit 2017 in Abu Dhabi from October 23 to 26.

A Memorandum of Understanding (MoU) on the collaboration for the event was signed between CBUAE and the Islamic Financial Services Board (IFSB), an international standard-setting organisation, establishing the cooperation and commitment of both parties in organising this landmark Islamic finance event.

Mubarak Rashed Al Mansoori, governor of the CBUAE said: “I believe that the financial community of the UAE, GCC, and MENA regions will benefit greatly from the interactions and discussions of this global Summit. The CBUAE is pleased to welcome our peers among the leaders and stakeholders of the global financial community to Abu Dhabi.”

“CBUAE joined the IFSB in 2004 as a Full Member and is one of the Council Members of this standard-setting organisation. In the UAE, the IFSB has 14 member organisations, which, apart from supervisory authorities, include Islamic banks, Takaful companies, rating agencies and investment firms. We are proud that the UAE is hosting the Summit for the second time.

“The Summit’s activities and quality exchange among the high level delegations and experts in the field will help focus our attention on issues of direct relevance to Islamic financing as we continue to strive to grow this sector and establish the UAE as the Center for Islamic Finance in the region,” he added.

Zahid Ur Rehman Khokher, the acting secretary-general of the IFSB said: “I am delighted that this year’s Summit will take place in Abu Dhabi. We look forward to working with Governor Al Mansoori and the CBUAE as the Summit host, and the main stakeholders in the UAE in the coming months. We are happy for the continued support of the UAE for IFSB and its activities as we look forward to the successful second Summit to be held in collaboration with the CBUAE, the first time was in 2007 in Dubai.”

The IFSB Summits aim to bring together industry leaders and experts from across the globe. In particular, participants of the previous Summits have included key players of the Islamic Financial Services Industry (IFSI), especially members of the IFSB from among regulatory and supervisory authorities, international inter-governmental organisations, scholars in the field, and market players.

Previous IFSB Summits have been held in Kazakhstan (2015), Mauritius (2014), Malaysia (2013), Turkey (2012), Luxembourg (2011), Bahrain (2010), as well as Jordan, Lebanon, Qatar, Singapore and the UK. – TradeArabia News Service